Chris Nash interviewed for Insurance News Australia about Boston Marathon Bombing

Sportscover's Managing Director Chris Nash has been interviewed for Insurance News Australia about the Boston Marathon Bombing. Mr Nash described how the bombing will influence risk management of these types of events, and the effect it will have on cancellation rates.

The article has been transcribed below:

THE BOSTON Marathon bombing could cause cancellation premium rates to rise for major events around the world.

The world also could see much stricter controls on risk management of big events especially those that draw big crowds.

“This terror act is really going to change the game,” Chris Nash, managing director of Sportscover Australia and active underwriter for Lloyd’s Syndicate 3334. “It is a real tragedy.”

Society would even have to think about major events like Sydney’s City to Surf where some 70,000 people participate.

From a risk management perspective and from liability and cancellations there were issues that were going to rise up.

Nevertheless, he was pleased to see and to say that the London Marathon went “without a hitch” at the weekend. This event was as much a festival as a run and had to be preserved.

However, such an event now took a much stronger demand on risk management.

Mr Nash said event organisers were going to be asked to do the impossible to prevent any similar circumstance.

The only way they could mitigate any financial fall-out was in insurance. It was “guaranteed to be an increase in premium.”

Although he sympathised with all the wounded in Boston, there would be no or little personal accident-injury insurance cover because they would be without act of terrorism cover.

However, the main change in the insurance game would be cancellation cover and this might be being sought after two big sports events were cancelled after the marathon bombings – understood to be the Boston Bruins ice hockey team and the Boston Celtics basketball team matches.

Mr Nash also cited the matter when AXA withdrew its cover for the Japan-Korea FIFA World Cup 2002, following the WTC terrorist bombings a year before having accepted the risk several years before.

Warren Buffet’s Berkshire Hathaway picked up the insurance and no terrorist act was committed.

RISK MANAGEMENT TO BE A BIG ISSUE

RISK MANAGEMENT procedures for major open space events will have to change around the world following the Boston Marathon bombings last week.

Boston was a second tier city, that is not like the majors New York, London, Berlin, for instance, and thus it was unexpected that any such terrorist act would explode there.

But that was not to say it could not happen again in such a city, even Melbourne, said Chris Nash, managing director of Sportscover Australia and active underwriter for Lloyd’s Syndicate 3334.

“We also will go through a change in the terrorism insurance market,” he told INAcom.

There would be opportunities for people to write terrorism and over time the market also would across expand liability and contingency businesses.

The disappointing thing about such acts as Boston was that people who were injured were going to miss out on cover. Also people who want to enjoy such events could miss out also, especially as many of them want to run for charity.

For Sportscover, because of the knock-on effect of cancellations a lot of its cover was written through binders, especially in the US.

“So we do not know to what extent the claims will be,” he said.

Mr Nash added that the Boston Marathon was not actually cancelled because most of the runners had finished. The bombs were set off 4 hours after the race started. “My feeling is that there will be no claims (cancellation) on Boston Marathon itself but on subsequent events.”

“We will definitely see cancellation rises for this type of event and underwriters will be very, very nervous,” he added.

Steve Boucher joins the UAC board

Sportscover's Marketing and Business Development Director Steve Boucher has been elected to the Underwriting Agencies Council (UAC) board following its AGM in December.

Mr Boucher was elected along with Dual Australia MD Peter Bailey, joining re-elected directors Heath Amber, Linda King and Jo Lindsay-Eschbank.

Find out more at Insurance News

Media Release 23 June 2011

Sportscover partner with Olympic canoe prospect

Download this Media Release and images - PDF

Sportscover has established a partnership with British canoeist and Olympic hopeful, Ben Farrell. Ben is a current member of the GB canoe team training for the 2012 London Olympics. He is currently preparing for the World Championships to be held in Hungary in 6 weeks.

Sportscover’s CEO Matthew Riley explained the reasons for partnering with Ben; “Ben is a young athlete who epitomises the true essence of sport that is displayed by so many athletes around the world. He is a great sportsperson who has the grit and real determination to succeed. Sportspeople like Ben need financial support and encouragement to enable them to continue their training and work towards their goal of success. We are pleased to provide Ben with support and wish him every success on his journey to the Olympics.”

Sportscover has a long tradition of supporting sports and sports people since its inception in 1986.

Mr Riley continued “Supporting sports and sports people has always been very important to us - whether it is grass roots sport through our Sportscover Sponsorship Fund that has donated grants of over £30,000 or through direct sponsorship of potential Olympic athletes like Ben. It is important that we help talented competitors at every level. ”

Ben commented; “I am very pleased to be entering into a partnership with Sportscover. They are so committed to sports and supporting sports people and it is refreshing to find an insurer that truly understands sport.”

The partnership was announced at Lloyd’s of London with Ben presented with his branded paddle.

Sportscover is one of the world's leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands. Using a worldwide broker network, Sportscover specialises in accident, liability, property, contingency and travel insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd., Sportscover Insurance Ltd, SCI Capital Ltd.

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For further information please contact:
Matthew Riley +44 (0)207 398 4080, e-mail moc.revocstrops@yelir.wehttam
or Steve Boucher +61 (0)2 4381 2266, e-mail moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100 moc.revocstrops@yllek.nitram

1 - 12 June 2011

Lloyd's Football Club Tour Singapore

It is a great pleasure to partner with one of the principal social clubs for the Lloyd's community, Lloyd's Football Club, as they embark on their 2011 tour to Singapore from 1st - 12th June 2011. The tour will encompass games against a professional FSA league team, the Singapore Cricket Club, a Singapore Insurance Market representative team and a Singapore Under 18 XI. There will also be a reception hosted by Lloyd’s Asia, as well as a cocktail party hosted by Lloyd’s Football Club.

For more information on the tour and on Lloyd's FC, please visit their website: www.LloydsFC.co.uk

Download the official
2011 Lloyd's FC
Tour Book

Itinerary

Wednesday, 1 June 2011
Depart from London Heathrow – 12:05am

Thursday, 2 June 2011
Arrive Changi Airport Singapore – 08:05am – Transfer to Grand Park City Hall Hotel.
Acclimatisation Training followed by Team Meeting and Selection

Friday, 3 June 2011
Breakfast Presentation by Lloyd’s Asia and introduction to Local Managing Agents
Evening Training

Saturday, 4 June 2011
Match 1 v Etoile FC - S League team - Queenstown Stadium 5:00pm Kick Off

Sunday, 5 June 2011
Morning Training followed by a free day.

Monday, 6 June 2011
Golf Day
Lloyd’s v Singapore Challenge Team at Ria Bintan Golf Club, Bintan, Indonesia - 9am departure.

Tuesday, 7 June 2011
Match 2 v Singapore Cricket Club First XI - SCC Padang Field - Kick Off 5.30pm
Post Match Reception at the SCC Padang restaurant hosted by Lloyd’s Asia

Wednesday, 8 June 2011
Morning Training followed by a free day.

Thursday, 9 June 2011
Match 3 v Insurance Market team - SCC Dempsey Field - Kick Off 5:45pm
Post Match Reception: the SCC Sports Bar

Friday, 10 June 2011
Morning Training followed by a free day.

Saturday, 11 June 2011 Charity Training Clinic with local children for the CARE UNITED League - Jalan Besar Stadium - Kick Off 3.00pm
Match 4 v Singapore U18’s - Pro U23 League - Jalan Besar Stadium - Kick Off 5.30pm.
Followed by Post Match Reception

Sunday, 12 June 2011
Morning Training followed by a free day and departure from Changi Airport Singapore 11:05pm

Sunday, 12 June 2011
Arrive at London Heathrow - 05:40am

Media Release 9 May 2011

Sportscover appoints new Sydney office manager

Sportscover has today announced that Damian Kerin will take over responsibility for Sportscover's Sydney office with effect from 1 June 2011.

Damian replaces Simon Trowell who has decided to establish his own business after 11 years of valuable service with Sportscover. In his time with Sportscover, Simon has been an integral part of the development of Sportscover's operations in Sydney, NSW, Queensland and overseas and a highly valued member of the management team. There will be a handover period of one month.

Chris Nash, Sportscover's CEO in Australia said, "I have conflicting emotions in making this announcement. On the one hand I am very sorry to see Simon depart after having worked closely with him on various projects over the past 11 years. His contribution to Sportscover's growth has been considerable."

"However, on the other hand, I am delighted to welcome someone with the skills and depth of experience as Damian. He will be a valuable addition to the management team having very relevant underwriting knowledge and extensive management experience. I am looking forward to him taking over this senior role."

Damian Kerin joins Sportscover after having been with Austagencies for the past 14 years, most recently as National Manager - Specialty. In commenting on his appointment, Damian remarked, "I am really looking forward to taking up this challenging role at Sportscover. Despite their phenomenal growth over the past five years the company has some ambitious expansion plans for the future both here and overseas. I am excited to be part of that development." Damian will have responsibility for Sportscover's NSW, ACT and Queensland operations and will also be involved in the continuing growth of business in the wider region.

Sportscover is one of the world's leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands. Using a worldwide broker network, Sportscover specialises in accident, liability, property, contingency and travel insurances for sport and leisure. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd., Sportscover Insurance Ltd, SCI Capital Ltd. As a Lloyd's syndicate, 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world.

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For further information please contact:
Chris Nash or Martin Kelly on +61(0)3 8562 9100
or Steve Boucher +61(0)2 4381 2266

Media Release 18 April 2011

Appointments keep Lloyd's insurer Sportscover
on track with expansion strategy

Lloyd's insurer Sportscover is continuing to pursue its ambitious expansion and diversification strategy by announcing the appointment of highly respected Bloodstock underwriter, Robin Blunt.

Robin has been in the insurance industry for more than 40 years, initially as a broker but the latter half of this as an underwriter in the Lloyd's market, most recently with Lloyd's insurer Brit. He has been specialising in bloodstock since 1979. Robin becomes Bloodstock underwriter for Sportscover's syndicate 3334 with immediate effect.

Robin commented, "I am looking forward to working with Sportscover's talented and growing team of specialist underwriters. Sportscover have ambitious plans for the future. I am pleased to be part of a team who are determined to be the best in sports and leisure insurance."

Robin is also joined at Sportscover by Ally Halstead. Ally has worked in the London insurance market since 2006, spending two years handling Bloodstock claims for Lexington Insurance Company, part of the AIG Group. In 2008 she joined Marketform syndicate to handle Bloodstock claims, later expanding her role to include PA, Marine and Specie claims. She has a keen interest in horse racing, but her main focus is the Sport Horse industry, in particular show jumping and eventing.

Matthew Riley, CEO of Sportscover Underwriting Limited, said "I am delighted that we have been able to bring to Sportscover two highly talented insurance professionals in Robin and Ally. We are implementing our agreed development strategy and the recent appointments show that we are making real progress towards our goal of sustainable growth through diversification by employing top quality specialists."

The appointment of Robin and Ally follows on from the employment of Contingency underwriter Simon Lyons in July last year. Simon has over 20 years insurance experience including specific contingency experience in Cancellation, Non-Appearance, Prize Indemnity, Contract Bonus, Weather Day and Commercial Producers Indemnity. His employment has led to a significant increase in open market contingency business written by 3334.

Sportscover has also announced that Murray Anderson has become joint Active underwriter for Syndicate 3334 with Chris Nash.

Chris Nash explained, "Sportscover is seeing a significant increase in business from around the world. Appointing Murray as joint Active Underwriter will enable us to pursue the many business opportunities that we are seeing by focusing on particular geographic regions. This is a sensible approach to ensure that we can make the most of the opportunities being presented to us and provide a high quality service to brokers and clients."

Murray's appointment also sees him elevated to the board of Sportscover Underwriting Ltd.

Sportscover is one of the world's leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai, and the Pacific Islands. Using a worldwide broker network, Sportscover specialises in accident, liability, property, contingency and travel insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd, Sportscover Insurance Ltd, SCI Capital Ltd.

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For further information please contact:
United Kingdom: Matthew Riley +44 (0)207 398 4080 - moc.revocstrops@yelir.wehttam;
Australia: Steve Boucher +61 (0)2 4381 2266 - moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100 - moc.revocstrops@yllek.nitram;

Touchline Magazine

The journal of sport and risk with an international perspective.
Click here to download Edition 6. Back issues available here.

Media Release 10 December 2010

Specialist sports and leisure Lloyd's syndicate Sportscover 3334 has signed a sponsorship agreement with Lloyd's Football Club which will provide further exposure for the Sportscover brand within the Lloyd's market.

Described as a 'natural fit' by Sportscover Underwriting Limited CEO, Matthew Riley, the arrangement means that the Sportscover 3334 name will feature on Lloyd's FC shirt fronts for all representative games played in the UK and overseas. As part of the deal the annual Lloyd's Market football competition, which was won by broker Aon last season, will be known as the 'Lloyd's Community Shield Sponsored by Sportscover' and Sportscover will present the annual Player of the Year award.

Graham Bell, Chairman of Lloyd's FC, said, "We are delighted to have concluded this agreement with the only dedicated sports and leisure syndicate in the Lloyd's market. Both parties see this as the start of a long term relationship which will have significant mutual benefits".

Matthew Riley commented, "Sportscover has a long history of supporting community sport through sponsorship, training, education and advice and so it is a great pleasure to partner with one of the principal social clubs for the Lloyd's community, Lloyd's Football Club. It really is a natural fit for us given we are a Lloyd's specialist sports and leisure underwriter and insure a large number of football clubs and associations in the UK, Europe, Australia and beyond."

Sportscover is one of the world's leading sports and leisure insurance services groups with offices in London, Melbourne, Sydney, Shanghai and the Pacific. Using a worldwide broker network, Sportscover specialises in accident, liability, property, travel and contingency insurances for sport and leisure. Managed by Sportscover Underwriting Ltd. SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world.

- ends -

For further information please contact:
Australia: Steve Boucher +61 (0)2 4381 2266 - moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100 - moc.revocstrops@yllek.nitram;
United Kingdom: Matthew Riley +44 (0)207 398 4080 - moc.revocstrops@yelir.wehttam;

Touchline Magazine

The journal of sport and risk with an international perspective.
Click here to download Edition 6. Back issues available here.

Sportscover has been named Underwriting Agency of the Year for the second consecutive year at the 2010 Australia and New Zealand Insurance Industry Awards dinner held on Thursday 12th August, 2010. This award category, which was first introduced in 2009, is sponsored by Lloyd's.

Chris Nash, CEO of Sportscover accepted the award at the function held at the Sydney Convention and Exhibition Centre, saying "We are extremely proud to have won this award for the second year in succession. It means a great deal to us to be recognised by our industry through this accolade. This is a tribute to our staff for their continued hard work, and to our broker network and clients for their tremendous support in helping us attain this great achievement."

The ANZIIF Awards are held every year and recognise the leaders in the industry in the following categories:

General Insurance Company of the Year
Innovation of the Year
Insurance Leader of the Year
Large Broker of the Year
Law Firm/Practitioner of the Year
Life Insurance Company of the Year
Loss Adjuster of the Year Reinsurance Company of the Year
Risk Manager/Team of the Year
Service Provider to the Insurance Industry
Services to the Community Award
Small - Medium Broker of the Year
Treasurer's Award for Good Governance and Practice
Underwriting Agency of the Year

Joan Fitzpatrick, CEO of ANZIIF congratulated the winners saying they are well-deserving of the recognition achieved at an industry-leading occasion.

"The Awards highlights the professionalism and excellence of the Australian and New Zealand insurance industry. It is important to take one night to celebrate the best and brightest, who have contributed so much to our industry," Ms Fitzpatrick said.

"The winners announced this evening are a standard bearer for the industry's professionalism and we are very proud of them," she said.

"It is now their responsibility, as Award recipients, to actively promote their achievement and to promote the valuable contribution of the insurance industry to our community," she said.

Australian owned Sportscover is one of the world's leading sports and leisure insurance services groups with offices in Melbourne, Sydney, London, Shanghai and Toronto. Using a worldwide broker network, Sportscover specialises in accident, liability, property, travel and contingency insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Lloyd's managing agent Sportscover Underwriting, Syndicate 3334, Sportscover, Sportscover Europe, Sutton Sportscover, Sportscover Insurance and SCI Capital

- ends -

For further information please contact:
Australia: Steve Boucher +61 (0)2 4381 2266 - moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100 - moc.revocstrops@yllek.nitram;
United Kingdom: Matthew Riley +44 (0)207 398 4080 - moc.revocstrops@yelir.wehttam;

Media Release
9 July 2010

Sportscover is delighted to once again be nominated as a finalist in the Underwriting Agency of the Year category at the 2010 Australia and New Zealand Insurance Industry Awards. The other two finalists in this category are Brooklyn Underwriting and Global Transport & Automotive Insurance.

Chris Nash, CEO of Sportscover Australia, acknowledged the continued hard work of all those involved that has lead to Sportscover being nominated again. "We are delighted to be a finalist in this year's awards. Once again this is a tribute to our staff, broker network and clients who are all acknowledged in helping us with this great achievement."

Joan Fitzpatrick, ANZIIF CEO and Chair of the Judging Panel says the success of the Awards is due to the active involvement of the whole industry. "The standard of the nominations this year has been very high and it is pleasing to see how much the industry has embraced the importance of this type of recognition, with a record number of entries received," Fitzpatrick said.

"The judging task was intensive and the wealth of experience, knowledge and considered thought that our panel of judges brought to the process was exemplary. Having assessed each written submission across each criterion for the category and scored them, the judges then met for a day to discuss and evaluate again the top scoring candidates before lodging a silent vote with the auditors," she said.

Award winners are announced and presented at a gala presentation evening attended by over 800 industry leaders and members. The awards will be held on Thursday 12 August 2010 at the Parkside Ballroom, Sydney Convention and Exhibition Centre.

Australian owned Sportscover is one of the world's leading sports and leisure insurance services groups with offices in Melbourne, Sydney, Hong Kong, London, and Toronto. Using a worldwide broker network, Sportscover specialises in accident, liability, property and contingency insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd. Sutton-Sportscover Ltd, Sportscover Insurance Ltd, SCI Capital Ltd.

- ends -

For further information please contact:
Australia: Martin Kelly +61 (0)3 8562 9100 - moc.revocstrops@yllek.nitram;
United Kingdom: Matthew Riley +44 (0)207 398 4080 - moc.revocstrops@yelir.wehttam;

Andy Ripley OBE

We are deeply saddened by the news that Andy Ripley passed away on 17 June after a long illness.

Andy was one of the inaugural non-executive directors on the Board of our Lloyd's managing agent, Sportscover Underwriting Limited when it convened in December 2008. His business acumen, insightfulness and wit was always in evidence and his overall contribution during this time was invaluable.

Andy will be sorely missed by all of us at Sportscover.

Media Release
21 May 2010

Sportscover expects "significant boost" in
Chinese business from Lloyd's China direct licence

Lloyd's being granted a direct insurance licence in China will give "a significant boost" to Sportscover's business from China, according to Sportscover's Managing Director, Peter Nash.

Mr Nash, who was part of the Lloyd's delegation in China when the announcement of the granting of the direct licence was made on Wednesday, said:

"We have been writing reinsurance business in China through Lloyd's China for several years and were big supporters of Lloyd's application for a direct licence. Whilst we will continue to maintain our strong relationships with the Chinese insurers that we currently work with, this gives us an opportunity to make real inroads into the Chinese sports and leisure market as a direct insurer."

Sportscover has a Lloyd's managing agent and syndicate and was one of five managing agents represented in the Lloyd's delegation lead by Lloyd's Chairman Lord Levene.

Lloyds web site (www.lloyds.com) quotes Lord Levene as saying:

This is a very significant development for both Lloyd's and the Chinese insurance market. We are most grateful to the CIRC (China Insurance Regulatory Commission) for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime centre."

Mr Nash commented, "This is an historic day for both Lloyd's and Sportscover and will provide a significant boost to our Chinese business. It again emphasises the strength of the Lloyd's brand and is one of the major reasons why we chose to operate through the Lloyd's platform."

Sportscover is one of the world's leading sports and leisure insurance services groups with offices in Melbourne, Sydney, London, and Toronto. Using a worldwide broker network, Sportscover specialises in accident, liability, property and contingency insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd. Sutton-Sportscover Ltd, Sportscover Insurance Ltd, SCI Capital Ltd.

- ends -

For further information please contact:

For further information please contact:
Matthew Riley +44 (0)207 398 4080, e-mail moc.revocstrops@gnitekram
or Steve Boucher +61 (0)2 4381 2266, e-mail moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100, e-mail moc.revocstrops@yllek.nitram

Touchline Magazine

The journal of sport and risk with an international perspective.
Click here to download Edition 6. Back issues available here.

Lloyd's have announced a record profit of £3.9 billion (AUD 6.5 billion) for 2009.

Despite the economic uncertainty, Lloyd's investments returned £1,769million (AUD 2,900 million) - which equates to 3.9% - while Lloyd's central assets have grown to over £2billion (AUD 3.3billion). The Market achieved a combined ratio of 86.1%, which compares very favourably with other insurance markets. Full details of the results and the 2009 Annual Report are available at www.lloyds.com/2009annualreport.

Sportscover Underwriting Limited (SCU) is one of only 51 managing agents authorised to operate in the Lloyd's market. SCU manages Sportscover's own Syndicate 3334 which is one of the 80 syndicates operating in Lloyd's. Sportscover benefits from Lloyd's A+ ratings and all of our policies are backed by Lloyd's impressive chain of security.

That is why, in these uncertain financial times more than any other, it makes sense to give your clients the security of a Lloyd's policy. Contact Sportscover for more details.

Sportscover is one of the world's leading sports and leisure insurance underwriters with offices in Australia, the United Kingdom, Canada and the Pacific. Using a worldwide broker network, Sportscover specialises in accident, liability, property, group travel and contingency insurances for sport and leisure. Sportscover's Lloyd's syndicate, SCS 3334, managed by Sportscover Underwriting Limited, is the only A+ rated dedicated sports insurer in the world.

Lloyd's security ratings: A+ (Strong) Standard and Poor's; A+ (Strong) Fitch Ratings; A (Excellent) A.M. Best

- ends -

For further information please contact:
Steve Boucher +61 (0)2 4381 2266, e-mail moc.revocstrops@rehcuob.evets
or Martin Kelly +61 (0)3 8562 9100, e-mail moc.revocstrops@yllek.nitram
or Matthew Riley +44 (0)207 398 4080, e-mail moc.revocstrops@yelir.wehttam

Touchline Magazine

The journal of sport and risk with an international perspective.
Click here to download Edition 5. Back issues available here.

Owning a football club is one of the riskiest commercial ventures around but nearly all the risk exposure issues are insurable.

Huge television deals and global advertising sponsorship opportunities continue to tempt investors from around the world into acquiring UK premier league soccer clubs.

Many of the buyers are canny business people adding diversity to vast corporate empires. Some of them are simply passionate fans of the beautiful game, whose entrepreneurial judgement has been left on the bench.

Whichever way you look at it, owning a football club must surely be one of the riskiest commercial ventures around. How many other enterprises combine so many risks, from the high value human capital of the players right through to the complex public liability risks represented by a football ground filled with delirious (or disappointed) fans?

Read the whole story at Lloyd's

Lloyd's reports interim results

Highlights

• Profit before tax of £1.32 billion (June 2008 £949 million)
• Combined ratio of 91.6% (June 2008 89%) continues to compare well with our peers who recorded an estimated average of 100% for US property & casualty insurers (June 2008 99%) (i); 94% for US reinsurers (June 2008 98%) (ii); 84% for Bermuda (June 2008 86%) (iii); and 99% for European insurers and reinsurers (June 2008 96%)
• Investment return £708 million (June 2008 £346 million)
• Central assets of £2.0 billion (June 2008 £1.9 billion)

Lloyd’s, the world’s leading specialist insurance market, today announced an interim profit before tax of £1.32 billion for the six month period ending 30 June 2009 (£949m, June 2008). The result reflects continuing underwriting discipline and a relatively low level of catastrophe claims.

A conservative investment mix has resulted in a positive return of £708 million during a period of continuing volatility in financial markets.

Lloyd’s Chairman, Lord Levene, said:

“The first six months result has been achieved in what remain challenging circumstances. The market is in solid financial shape and business volumes have increased as a result of brokers and policyholders seeking to use the security of the Lloyd’s platform.”

“External conditions, however, remain difficult with the US windstorm season and recessionary trends continuing to pose a threat to the insurance industry.”

Lloyd’s Chief Executive Richard Ward added:

”Lloyd’s prudent and conservative approach has ensured that our capital position and ratings remain strong. While we are well placed to take advantage of opportunities through the market’s wide product range and distribution channels, our focus must remain on underwriting profitability.”

Notes to editors

1. A copy of Lloyd’s Interim Report and presentation to analysts can be accessed at: www.lloyds.com/2009interims
2. A combined ratio is a measure of an insurer’s underwriting profitability based on the ratio of net incurred claims plus net operating expenses to net earned premiums. A combined ratio of 100% is break even. A ratio of over 100% is a loss; less than 100% is a profit.
3. Sources of combined ratios figures for international peer groups (i) US P&C industry - Insurance Information Institute (estimate - September 2009), (ii) US r/i) - Reinsurance Association of America (August 2009), (iii) Bermuda), Europe P&C & r/i industry, Company Returns / Lloyd's analysis (September 2009).
4. Central assets include the assets of the Central Fund and the other assets of the Corporation. In aggregate, the value of Lloyd's central assets, excluding the callable layer and the liability in respect of the subordinated debt, amounted to £2.0bn at June 2009 (£1.9bn June 2008)
5. Balance due to/from Members and Funds at Lloyd’s represent the aggregate of each member’s resources. These resources operate on a several basis and are only available to meet each member’s share of claims. Central Assets are available at Council’s discretion to meet the liabilities of any member on a mutual basis.
6. Foreign exchange rates may materially fluctuate from the rates prevailing at 30 June 2009 (£1 = US$1.65, £1 = €1.17)
7. This press release includes forward-looking statements. These statements are based on currently available information and consistent accounting policies as applied at 30 June 2009. They reflect Lloyd’s current expectations, projections and forecasts about future events and financial performance. All forward-looking statements address matters that involve risks, uncertainties and assumptions. Based on a number of factors, actual results could vary materially from those anticipated by the forward-looking statements. These factors include, but are not limited to, the following:

- rates and terms and conditions of policies may vary from those anticipated;
- actual claims paid and the timing of such payments may vary from estimated claims and estimated timings of payments, taking into account the preliminary nature of such estimates;
- claims and loss activity may be greater or more severe than anticipated, including as a result of natural or man-made catastrophic events;
- competition on the basis of pricing, capacity, coverage terms or other factors may be greater than anticipated;
- reinsurance placed with third parties may not be fully recoverable, or may not be paid on a timely basis, or such reinsurance from creditworthy reinsurers may not be available or may not be available on commercially attractive terms;
- developments in the financial and capital markets may adversely affect investments of capital and premiums, or the availability of equity capital or debt;
- changes in legal, regulatory, tax or accounting environments in relevant countries may adversely affect (i) Lloyd’s ability to offer its products or attract capital, (ii) claims experience, (iii) financial return, or (iv) competitiveness; and
- economic contraction or other changes in general economic conditions could adversely affect (i) the market for insurance generally or for certain products offered by Lloyd’s, or (ii) other factors relevant to Lloyd’s performance.

The foregoing list of factors is not comprehensive, and should be read in conjunction with other cautionary statements that are included herein or elsewhere. Lloyd’s undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Touchline Magazine

The journal of sport and risk with an international perspective.
Click here to download Edition 4. Back issues available here.

Media Release
31 July 2009

Sportscover Australia wins ANZIIF
Underwriting Agency of the Year Award

Download this Media Release as PDF

Sportscover Australia has been named as Underwriting Agency of the Year at the 2009 Australia and New Zealand Insurance Industry Awards. This was the inaugural award for this category, sponsored by Lloyd's.

Murray Anderson, CEO of Sportscover Australia said, "We are very proud to have won this award against some stiff competition. It is a great tribute to the whole team; our staff, our broker network and our clients, because without their fantastic support we would not have been able to grow so significantly over the past 23 years."

Sportscover Australia is a specialist sports and leisure underwriting agency which was originally established by Peter Nash in 1986. Since then, Sportscover has grown to become a worldwide sports and leisure insurance services group which includes a Lloyd's managing agent (Sportscover Underwriting Limited) and a Lloyd's syndicate (3334 SCS). Sportscover Australia continues to operate as an underwriting agency with authority to write business on behalf of the Sportscover syndicate.

Sportscover's Chairman, Peter Nash, was also one of three finalists in the Insurance Leader of the Year Award.

Joan Fitzpatrick, CEO, the Australian and New Zealand Institute of Insurance and Finance (the Institute) said, "On behalf of the expert judging panel, I wholeheartedly congratulate the winners of this year's awards on their tremendous achievement. Being named as a winner is no ordinary feat, competition is always fierce and with a record number of submissions the calibre this year was incredibly high."

She added, "We are supremely proud of the winners and their innovation, high professional standards, customer service focus and industry leadership. The Insurance Industry Awards are a great opportunity for our industry to take pride in its achievements and excellence. I know that each winner will be extremely proud of their success."

The winners of each category were announced at the Insurance Industry Awards Gala at the Parkside Ballroom, Sydney Convention and Exhibition Centre, on Thursday 30 July.

Australian owned Sportscover is one of the world's leading sports and leisure insurance services groups with offices in Melbourne, Sydney, London, and Toronto. Using a worldwide broker network, Sportscover specialises in accident, liability, property and contingency insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd. Sutton-Sportscover Ltd, Sportscover Insurance Ltd, SCI Capital Ltd.

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For further information please contact:

Australia - Steve Boucher +61 (0)2 4381 2266; e-mail: steve.boucher@sportscover.com
or Martin Kelly +61 (0)3 8562 9100; martin.kelly@sportscover.com
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080; marketing@sportscover.com

"Tremendous 12 months" as Sportscover announced as finalist in two categories in Insurance Awards

There is a double celebration at Sportscover following the announcement of the finalists in the Australia and New Zealand Insurance Industry Awards for 2009.

Peter Nash, Group Chairman and Director of Underwriting for Sportscover's Lloyd's syndicate is a finalist in the Insurance Leader of the Year category for the third year in succession. The two other finalists in that category are Frank O'Halloran, QBE's Chief Executive Officer and Simon Swanson, former Managing Director of CommInsure.

It has been a year of achievement for Mr Nash with the launch last December of Sportscover's own managing agency at Lloyd's, Sportscover Underwriting Limited, which manages the Sportscover syndicate.

"It has been a tremendous 12 months for the Sportscover group and being a finalist in the Insurance Leader of the Year just tops it off", Mr Nash said.

Sportscover Australia has also been named as one of three finalists for the inaugural award of Underwriting Agency of the Year.

Murray Anderson CEO of Sportscover Australia said, "This is a great tribute to the whole team; our staff, our broker network and our clients. Without their fantastic support we would not have been able to grow so significantly over the past 23 years".

Joan Fitzpatrick, Institute CEO and Chair of the Judging Panel commented that only those submissions that are deemed to be of a suitable standard have been included in the list of finalists.

"Being judged a finalist in your category is an outstanding achievement in itself and something to be very proud of. The competition in each category was very strong and standards were high," Ms Fitzpatrick said.

The winner in each category will be announced at the Insurance Industry Awards Gala at the Parkside Ballroom, Sydney Convention and Exhibition Centre, Thursday 30 July.

Australian owned Sportscover is one of the world's leading sports and leisure insurance services groups with offices in Melbourne, Sydney, London, and Toronto. Using a worldwide broker network, Sportscover specialises in accident, liability, property and contingency insurances for sport and leisure. As a Lloyd's syndicate, SCS 3334 benefits from Lloyd's market rating and is the only A rated dedicated sports and leisure insurer in the world. Sportscover's main underwriting operations comprise Sportscover Underwriting Ltd, Syndicate 3334, Sportscover Australia Pty Ltd, Sportscover Europe Ltd. Sutton-Sportscover Ltd, Sportscover Insurance Ltd, SCI Capital Ltd.

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For further information please contact:

Australia - Steve Boucher +61 (0)2 4381 2266; e-mail: steve.boucher@sportscover.com
or Martin Kelly +61 (0)3 8562 9100; martin.kelly@Sportscover.com
UK - Matthew Riley or Chris Nash +44 (0)20 7398 4080; marketing@sportscover.com

For details on all finalists, please see the Institute's website at: www.theinstitute.com.au/anziif